GOLD reversed sharply to the downside at the start of September, through the rising trend line of a corrective channel. As we know that’s an important signal for a change in trend, which means that bearish price action is now back in view that could accelerate to the downside in the next few weeks if we consider possibly completed flat correction in wave 2. A fall and daily close beneath 1251 will be important sing for a wave 3 down in progress back to 1180.
On Intraday time frame GOLD is falling sharply following good NFP number on speculation that QE will end sooner rather than later. From a technical perspective we see price moving down in impulsive but now extended wave v that could reach levels around 1270 as long as 1313 is in place.
Written by www.ew-forecast.com
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